Silver Market Size (2024 - 2029)

The silver market is anticipated to experience growth over the forecast period, driven by increasing demand in industrial and electrical applications, as well as in jewelry and silverware. Despite challenges posed by stringent regulations and the impact of the COVID-19 pandemic, the market has shown resilience and is expected to continue its upward trajectory. The expanding use of silver in solar panels and electric vehicles presents significant opportunities for further market expansion. The Asia-Pacific region holds the largest market share and is projected to maintain its dominance.

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Market Size of Silver Industry

Silver Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Silver Market Major Players

*Disclaimer: Major Players sorted in no particular order

Silver Market Analysis

The global silver market is expected to register a CAGR of over 5% during the forecast period.

The COVID-19 epidemic had a negative impact on the silver market. Some applications suffered considerable harm as a result of the lockdown and temporary halts in production plants, reducing silver usage. Yet, after 2020, the market continued to increase modestly due to continued efforts in the primary applications and is expected to follow the trajectory.

  • The increasing demand for silver in industrial and electrical applications such as supercapacitors, catalysts, and high-capacity batteries is the primary driver of the market. Furthermore, the rising demand for silver in jewelry and silverware is projected to drive the market.
  • However, stringent regulations on the production and consumption of silver due to health-related issues are likely to hinder the market's growth.
  • The growing usage of silver in solar panels and electric vehicles is likely to produce enormous opportunities for the market in the forecast period.
  • The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.

Silver Industry Segmentation

Silver is a soft, white, lustrous transition metal that exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. Silver is typically found in nature in conjunction with other metals or in minerals containing silver compounds, most commonly in the form of sulfides. The silver market is segmented by type, application, and geography. By type, the market is segmented into fine silver, sterling silver, argentium silver, coin silver, and other types. By application, the market is segmented into physical investment (bars), electrical and electronics, photographic films, brazing alloys, jewelry and silverware, pharmaceuticals, and other applications. The report also covers the market size and forecasts for the silver market in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (million ounces).

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Silver Market Size Summary

The global silver market is poised for significant growth, driven by its increasing demand in industrial and electrical applications such as supercapacitors, catalysts, and high-capacity batteries. The market is also bolstered by the rising interest in silver for jewelry and silverware. Despite the challenges posed by stringent regulations related to health concerns, the market is expected to benefit from the growing use of silver in solar panels and electric vehicles, presenting substantial opportunities for expansion. The Asia-Pacific region, particularly countries like China, India, and Japan, holds the largest market share and is anticipated to continue its dominance due to robust demand in various end-use applications, including electronics and pharmaceuticals.

In the electronics sector, silver's exceptional electrical conductivity makes it indispensable for conductors and electrodes, with significant applications in semiconductor devices and circuits. The North American and European markets, especially the United States and Germany, are expected to see moderate growth in the electronics industry, further driving silver demand. The market's fragmented nature is characterized by key players such as Polymetal International plc, Wheaton Precious Metals Corp., and Fresnillo plc, among others. Recent strategic moves, like Pan American Silver Corp's acquisition of Yamana Gold, highlight ongoing efforts to enhance silver production capabilities and investment opportunities.

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Silver Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Silver in Industrial and Electrical Applications

      2. 1.1.2 Rising Demand for Silver in Jewelry and Silverware

    2. 1.2 Restraints

      1. 1.2.1 Stringent Regulations on the Production and Consumption of Silver due to Health-Related Issues

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Type

      1. 2.1.1 Fine Silver

      2. 2.1.2 Sterling Silver

      3. 2.1.3 Argentium Silver

      4. 2.1.4 Coin Silver

      5. 2.1.5 Other Types

    2. 2.2 Application

      1. 2.2.1 Physical Investment (bars)

      2. 2.2.2 Electrical and Electronics

      3. 2.2.3 Photographic Films

      4. 2.2.4 Brazing Alloys

      5. 2.2.5 Jewelry and silverware

      6. 2.2.6 Pharmaceuticals

      7. 2.2.7 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Production Analysis

        1. 2.3.1.1 United States

        2. 2.3.1.2 Argentina

        3. 2.3.1.3 Australia

        4. 2.3.1.4 Bolivia

        5. 2.3.1.5 Chile

        6. 2.3.1.6 China

        7. 2.3.1.7 India

        8. 2.3.1.8 Mexico

        9. 2.3.1.9 Peru

        10. 2.3.1.10 Poland

        11. 2.3.1.11 Russia

        12. 2.3.1.12 Rest of the World

      2. 2.3.2 Consumption Analysis

        1. 2.3.2.1 Asia-Pacific

          1. 2.3.2.1.1 India

          2. 2.3.2.1.2 China

          3. 2.3.2.1.3 Japan

          4. 2.3.2.1.4 South Korea

          5. 2.3.2.1.5 Rest of Asia-Pacific

        2. 2.3.2.2 North America

          1. 2.3.2.2.1 United States

          2. 2.3.2.2.2 Canada

          3. 2.3.2.2.3 Mexico

        3. 2.3.2.3 Europe

          1. 2.3.2.3.1 Germany

          2. 2.3.2.3.2 United Kingdom

          3. 2.3.2.3.3 Italy

          4. 2.3.2.3.4 France

          5. 2.3.2.3.5 Rest of Europe

        4. 2.3.2.4 South America

          1. 2.3.2.4.1 Brazil

          2. 2.3.2.4.2 Argentina

          3. 2.3.2.4.3 Rest of South America

        5. 2.3.2.5 Middle-East and Africa

          1. 2.3.2.5.1 Saudi Arabia

          2. 2.3.2.5.2 South Africa

          3. 2.3.2.5.3 Rest of Middle-East and Africa

Silver Market Size FAQs

The Silver Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Polymetal International plc, Fresnillo plc, Wheaton Precious Metals Corp, Coeur Mining, Inc. and Industrias Peñoles are the major companies operating in the Silver Market.

Silver Report Snapshots

Silver Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)